April 2023 Real Estate Update

April 2023 Real Estate Update

The numbers are in for the first quarter of 2023. There were two unforeseen factors that affected the real estate market in the first quarter: extreme weather and banking failures. Record-breaking winds, rainfalls, power outages, and flooding made it challenging for both buyers and sellers, while troubling news in the banking industry gave pause to many. The good news is that interest rates trended downward in March, which helped to boost buyer demand. The banking situation appears to have been quickly addressed, the sun is shining, and we anticipate that inventory will start to increase again. If you're considering buying or selling, it would be our pleasure to represent you.


We know exactly what it takes to get the best results. Please contact us any time to talk about your home or just to catch up on the market.


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9 homes closed escrow in the first quarter, the same number that closed in the first quarter last year. Prices reflected a downward trend but it is important to note that in the first quarter of 2022, there were 3 sales between $10 million and $25 million that brought the average up considerably. Thus, comparing to this number is not an indication of a trend. However, sales this year have been on the lower side ranging from $2.6 million to $7.6 million. Of the 9 sales, 6 were between $3 million and $4 million. It is also important to note that 3 of the 9 sales were for more than list price and 4 sold in 15 days or less– all clear indications of continuing demand. There are just 10 homes actively for sale right now in Portola Valley.


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Only 10 homes closed escrow in the first quarter (per the Multiple Listing Service), compared to 14 that closed in the first quarter last year. The median price increased a significant 14% and reached over $3.6 million at the close of the quarter. The average price for the quarter was significantly higher, at $8,722,750, as there was one sale for $44.5 million and one at $18.15 million in the first quarter. Also notable in the quarter was the fact that only 2 homes, or 20%, sold over list price, a much lower percentage than in recent years. There are just 27 homes actively for sale right now in Woodside.


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15 homes closed escrow in the first quarter (per the Multiple Listing Service), compared to 17 that closed in the first quarter last year. The median price increased 5% and reached $10.5 million at the close of the quarter. Contributing to this were 8 homes that sold between $10 million and $25 million. Also notable in the quarter was the fact that only 1 home sold over list price, much lower than in recent years. Half of the homes sold in 33 days or less and 4 homes took more than 4 months to sell. There are just 25 homes actively for sale right now in Atherton.


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52 single-family homes closed escrow in the first quarter, compared to 65 that closed in the first quarter last year. The median price increased a significant 15% and reached almost $4 million at the close of the quarter. Contributing to this were 12 homes that sold between $5 million and $9 million. Also notable in the quarter was the fact that only 14 homes, or 27%, sold over list price, a much lower percentage than in recent years. Homes sold quite quickly with half selling in 14 days or less. There are just 18 single-family homes actively for sale right now in Menlo Park.


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56 single-family homes closed escrow in the first quarter, compared to 83 that closed in the first quarter last year. The median price declined 16% to just over $3.4 million at the close of the quarter compared to the same quarter last year. The median price is down just 5% compared to all of last year. Also notable in the quarter was the fact that only 19 homes, or 34%, sold over list price, a much lower percentage than in recent years. Homes sold quite quickly with half selling in just 11 days or less. There are 52 single-family homes actively for sale right now in Palo Alto.


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38 single-family homes closed escrow in the first quarter in Los Altos, compared to 43 that closed in the first quarter last year. In Los Altos Hills, 12 homes closed escrow, almost the same as the 13 that closed in the first quarter of last year. In both towns, the median price was down at the close of the quarter compared to the same quarter last year. The median price though remains over $4 million in both Los Altos and Los Altos Hills. There are just 14 single-family homes actively for sale right now in Los Altos and only 10 in Los Altos Hills.


John Kavanaugh

415.377.2924

[email protected]

DRE 02058127

#kavanaughgroup #kavanaughrealestate #sfpeninsulahomes #siliconvalleyhomes

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